{"id":50164,"date":"2019-04-16T21:16:00","date_gmt":"2019-04-17T01:16:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50164"},"modified":"2025-09-29T21:16:47","modified_gmt":"2025-09-30T01:16:47","slug":"april-16-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50164","title":{"rendered":"April 16, 2019"},"content":{"rendered":"

I noticed another recent corporate long bond issue, this one some thirty-year notes from Pembina<\/a>:<\/p>\n

Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $800 million of senior unsecured medium-term notes (the “Offering”). The Offering was conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 12 (the “Series 12 Notes”) having a fixed coupon of 3.62% per annum, paid semi-annually, and maturing on April 3, 2029, and $400 million in senior unsecured medium-term notes, series 13 (the “Series 13 Notes”) having a fixed coupon of 4.54% per annum, paid semi-annually, and maturing on April 3, 2049.<\/p>\n<\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2622 %<\/td>\n2,147.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2622 %<\/td>\n3,940.5<\/td>\n<\/tr>\n
Floater<\/td>\n5.45 %<\/td>\n5.72 %<\/td>\n45,085<\/td>\n14.33<\/td>\n3<\/td>\n-0.2622 %<\/td>\n2,270.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0397 %<\/td>\n3,280.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n4.66 %<\/td>\n75,844<\/td>\n3.82<\/td>\n8<\/td>\n-0.0397 %<\/td>\n3,917.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0397 %<\/td>\n3,056.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.57 %<\/td>\n-16.50 %<\/td>\n81,851<\/td>\n0.09<\/td>\n10<\/td>\n-0.0589 %<\/td>\n2,960.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.39 %<\/td>\n5.43 %<\/td>\n77,151<\/td>\n14.71<\/td>\n23<\/td>\n0.1202 %<\/td>\n3,114.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.23 %<\/td>\n5.43 %<\/td>\n183,042<\/td>\n14.88<\/td>\n61<\/td>\n-0.0477 %<\/td>\n2,200.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.21 %<\/td>\n5.74 %<\/td>\n99,449<\/td>\n8.13<\/td>\n27<\/td>\n-0.0739 %<\/td>\n3,082.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.22 %<\/td>\n4.29 %<\/td>\n52,991<\/td>\n2.68<\/td>\n5<\/td>\n0.0215 %<\/td>\n2,419.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.06 %<\/td>\n3.71 %<\/td>\n293,626<\/td>\n2.20<\/td>\n22<\/td>\n0.0194 %<\/td>\n2,588.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n3.95 %<\/td>\n146,077<\/td>\n2.69<\/td>\n3<\/td>\n-0.0278 %<\/td>\n2,640.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.97 %<\/td>\n6.55 %<\/td>\n108,241<\/td>\n8.27<\/td>\n22<\/td>\n-0.0861 %<\/td>\n2,266.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.66
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.05
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.15
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.15
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.90
\nBid-YTW : 7.47 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.94
\nBid-YTW : 7.79 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n116,121<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 19.21
\nEvaluated at bid price : 19.21
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n84,025<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 21.23
\nEvaluated at bid price : 21.23
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n45,090<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 16.92
\nEvaluated at bid price : 16.92
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n43,519<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Prem<\/td>\n43,035<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n42,346<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.38
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
There were 29 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.75 – 22.21
\nSpot Rate : 0.4600
\nAverage : 0.3270<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n

BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 18.40 – 18.84
\nSpot Rate : 0.4400
\nAverage : 0.3095<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset Disc<\/td>\nQuote: 17.00 – 17.39
\nSpot Rate : 0.3900
\nAverage : 0.2630<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n

BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 20.21 – 20.72
\nSpot Rate : 0.5100
\nAverage : 0.3946<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.91 – 23.41
\nSpot Rate : 0.5000
\nAverage : 0.3868<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.91
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 19.90 – 20.28
\nSpot Rate : 0.3800
\nAverage : 0.2878<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-16
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I noticed another recent corporate long bond issue, this one some thirty-year notes from Pembina: Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-50164","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50164"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50164\/revisions"}],"predecessor-version":[{"id":50165,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50164\/revisions\/50165"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}